Seal of Good Local Governance (SGLG) 2024Final.pptx
Get Started: Building Your Custom Panel in 5 Steps
1. GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL 2 of 5 // PANEL COMMUNITY “HOW TO” SERIES
2. PANEL COMMUNITY “HOW TO” SERIESA 5-PART EDUCATIONAL PROGRAM THE PAYOFFS OF PANEL COMMUNITIES: WHAT YOU NEED TO KNOW GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL ENGAGE: KEEP YOUR PANEL COMMUNITY ACTIVE INNOVATE: PANEL COMMUNITIES IN THE SOCIAL MEDIA AGE OPTIMIZE: AUTOMATE AND INTEGRATE YOUR PANEL FOR GREATEST EFFICIENCIES AND IMPACT 2
3. I. THE PAYOFFS OF PANEL COMMUNITIES Private online communities engage {customers, employees, partners} and capture actionable insights that drive business improvement REACH REVENUE LOYALTY INNOVATION 3
4. 4 II. GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY Proprietary Panel Economics 101 Five Easy Steps Panel Site Development Recruitment Plan Registration & Profiling Incentive Plan Panel Lockouts & Hygiene Managing Internal Expectations Summary
5. 5 A TYPICAL RESEARCH PROJECT Total Project Cost = V + W + X + Y + Z Cost of sample
6. 6 COST OF SAMPLE Via sample vendor (all variable costs) Via proprietary panel (fixed costs) One, inclusive CPI that includes recruitment, participation and incentives Proprietary panel dev’t Panelist acquisition Panel Attrition (variable costs) Incentive cost
7. 7 BREAKEVEN ANALYSIS Breakeven occurs after 7 projects have been conducted * Assumes that outside sample costs are $5,000 per project, proprietary paneldevelopment & recruitment costs $30,000 and that incentives per project are $1,000
8. 8 ARE YOU READY FOR AN ADVISORY COMMUNITY? Important Questions to Ask Yourself Does the demand exist for more customer insight? Do the touch-points exist to recruit members economically? Do you have the required skills in-house, ordo you need outside assistance? Survey design & data analysis Operational assistance Community management
9. 9 GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY Proprietary Panel Economics 101 Five Easy Steps Panel Site Development Recruitment Plan Registration & Profiling Incentive Plan Panel Lockouts & Hygiene Managing Internal Expectations Summary
10. 10 1. PANEL SITE DEVELOPMENT Number of sites / sub-sites needed Languages Externally facing recruitment site Members only panelist portal Survey templates Email templates
13. 13 4. INCENTIVE PLAN Individual or aggregate incentives Sweepstakes programs Points-based programs Valuation Thresholds Redemption options The single biggest motivator is INVOLVEMENT, and having a direct impact on shaping the product/service for the better
14. 14 5. PANEL HYGIENE Participation tracking Frequency considerations (too much / too little) Category lockouts Campaign or wave-based lockouts Panelist retirement
15. 15 GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY Proprietary Panel Economics 101 Five Easy Steps Panel Site Development Recruitment Plan Registration & Profiling Incentive Plan Panel Lockouts & Hygiene Managing Internal Expectations Summary
16. 16 HOISTED ON YOUR OWN PETARD Early on, there is a conflict between supply & demand Too much supply – bored & unhappy members Too much demand – harassed & unhappy members Unhappy members become non-responders Beware of curveball projects – hard on a new community Start small with one patient, loyal internal client who has a lot of straight fastball research needs
17. 17 GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL COMMUNITY Proprietary Panel Economics 101 Five Easy Steps Panel Site Development Recruitment Plan Registration & Profiling Incentive Plan Panel Lockouts & Hygiene Managing Internal Expectations Summary
18. 18 SUMMARY Proprietary panels provide significant benefits Don’t go it alone … seriously consider bringing an MR agency along with you if you haven’t the skills internally Be mindful of the underlying economics Carefully plan your panel using our 5 easy steps Start with one panel – expect to quickly expand Try to balance supply and demand & avoid curveballs More panels die of neglect than overuse
19. NEXT PANEL COMMUNITY “HOW TO” SERIESNEXT UP IN THE 5-PART EDUCATIONAL PROGRAM THE PAYOFFS OF PANEL COMMUNITIES: WHAT YOU NEED TO KNOW GET STARTED: 5 STEPS TO BUILDING A CUSTOM PANEL ENGAGE: KEEP YOUR PANEL COMMUNITY ACTIVE INNOVATE: PANEL COMMUNITIES IN THE SOCIAL MEDIA AGE OPTIMIZE: AUTOMATE AND INTEGRATE YOUR PANEL FOR GREATEST EFFICIENCIES AND IMPACT 19
20. Globalpark providespanel, community and surveysoftwarethatenablesorganizations to manage whatmattersacrosstheenterprise. Bycapturingfeedback and trackingbehavior of customers, employees and partners, theygaininsightsthatdrivebetterbusinessdecisions. Byidentifying and empoweringinfluentialadvocates, theybuildreputation and extendreach. Founded in 1999, Globalpark softwareisGerman-engineered and globally-testedbyleadingbrands and topmarketresearchinstitutes, including: Continental, Daimler, General Mills, GfK, IDC, Nintendo, SonyBMG, TNS, Warner Music and Wrigley. Globalpark isstaffedbyrenownedresearchpioneers, withofficesacrossthe US, UK, Germany and Austria. ABOUT US Globalpark AG Kalscheurener Str. 19a 50354 Cologne/Huerth Germany(Headquarters) Tel.: +49 2233 7933 6 info@globalpark.de www.globalpark.de twitter/Globalpark Globalpark Inc. 299 Broadway, 19th Floor New York, NY 10007 United States of America Tel.: +1 888 299 9422 info@globalpark.com www.globalpark.com twitter/Globalpark_News LOCATIONS Globalpark UK Ltd. 5 Archie Street London SE1 3JT Great Britain Tel.: +44 207 403 3900 info@globalpark.co.uk www.globalpark.co.uk GlobalparkOesterreichGmbH Wassergasse 25 1030 Vienna Austria Tel.: +43 1715 0289 11 info@globalpark.at www.globalpark.at